In a significant development, the national average diesel price has recently plummeted below $4 per gallon for the first time in nearly five months. According to data from the Energy Information Administration released on December 11, the diesel price witnessed a notable decrease of 10.5 cents, bringing it down to $3.987.
This marks a noteworthy shift from the trend observed since July 24, when the cost of trucking’s primary fuel exceeded $4 a gallon due to a 9.9-cent increase. This increase initiated a streak of 11 consecutive rises, which finally concluded on October 9.
Comparing the current diesel prices to the same period in 2022 reveals a substantial decline of 76.7 cents per gallon, highlighting a significant relief for consumers. The drop in diesel prices is reflected across all 10 regions in the Energy Information Administration’s weekly survey. Particularly noteworthy are the declines in the Lower Atlantic, West Coast, and California, where prices decreased by 11 cents or more. New England, on the other hand, saw the smallest drop at 1.4 cents.
In tandem with the diesel price decrease, the average price for a gallon of gasoline has also seen a decline, dropping by 9.5 cents to reach $3.316. This represents a 10.3-cent decrease compared to the same period last year. These shifts in fuel prices are likely to have notable implications for various sectors of the economy and may provide relief to consumers and industries dependent on transportation.
